Plenty of people in the real world agree. 71% of people surveyed by CNNMoney favor an unspecified hike in the federal minimum wage. Meanwhile, 36% said it should be increased to $10.10 an hour, which is what Senate Democrats and President Obama have proposed.

A number of states and major cities aren't waiting for Congress to act and are passing minimum wage increases on their own. This year, five states and Washington D.C. passed legislation to gradually increase their wages to $10.10 or higher; other states passed smaller increases. In June, the Seattle city council approved an eventual increase to $15 an hour, making it the nation's highest so far.

But critics contend that a higher minimum wage will hurt jobs and consumers. A report released by the Congressional Budget Office in April said that a federal hike to $10.10 would lift 900,000 people out of poverty, but also cut 500,000 jobs.